Tapinator, Inc. (OTC: TAPM) has filed its annual report and audited financial statements for the years ended December 31, 2015 and 2014.
For the year ended December 31, 2015, Tapinator achieved revenue of approximately USD2.49 million and adjusted EBITDA of approximately USD523,000, representing year-over-year growth rates of 159 percent and 414 percent, respectively.
Annual revenue of USD2,448,051; up 159 percent year-over-year
Quarterly revenue of USD692,682; up 87 percent year-over-year
Annual adjusted EBITDA (a non-GAAP measure) of USD522,894; up 414 percent year-over-year.
Quarterly adjusted EBITDA (a non-GAAP measure) of USD149,707; up 187 percent year-over-year.
Tapinator recorded gross revenues of USD2,448,051 and a net loss of USD1,924,008 for the twelve-month period ended December 31, 2015. This compares to revenue of USD943,449 and a net income of USD7,892 for the same period in 2014.
The net loss was primarily attributable to an operating loss experienced during the year, coupled with increases in financing related charges associated with the company´s USD2.0 million convertible debenture financing completed during the second quarter of this year and more fully described within the accompanying notes to our audited financial statements.
For the twelve-month period ended December 31, 2015, the company incurred an operating loss of USD893,714, as compared to operating income of USD61,946 for the comparable twelve-month period in 2014. The reduction in operating income is primarily due to increases in depreciation of capitalized software development, general and administrative costs, marketing and public relations costs, and a USD584,479 impairment of acquired software assets taken during the fourth quarter of this year and more fully described within the accompanying notes to our audited financial statements.
For the twelve-month period ended December 31, 2015, the company achieved adjusted EBITDA (a non-GAAP measure of earnings discussed below) of USD522,894, as compared to adjusted EBITDA of USD101,762 for the comparable twelve-month period in 2014. The five-fold increase in adjusted EBITDA is primarily due to operating leverage on the higher level of revenues.
Tapinator designs, develops, and publishes mobile games on the iOS, Google Play, and Amazon platforms. Tapinator generates revenues through the sale of advertisements, the sale of paid downloadable games, and the sale of additional in-game content. Founded in 2013, Tapinator is headquartered in New York, with product development teams located in Denmark, Pakistan, Indonesia, Canada, and the United States.